When it comes to storing and sharing sensitive data online the topic of security is extremely important.
Paperless meeting solution helps reduce the security risk around the physical loss of documents, and other targeted attacks that aim to get access to sensitive organizational board information.
Recognizing the risks associated with potential data leakage allows the board members to determine whether it’s worth allocating resources for board management software. Before integrating a board portal into your organization, you should first learn about which documents will be shared within the platform and most importantly about security features and certifications the virtual board software should have.
The virtual board software is a place where you can share different types of documentation depending on which is the most relevant. Here are the main types of documentation that can be uploaded into the board portal:
- Committee reports and white papers
- Meeting agendas and resolutions, which may include:
- Corporate performance
- Strategy, budgets, and R&D
- Acquisitions and business portfolio adjustments
- Executive compensation
- Regulatory, legal compliance, and government relations and policies, etc
- Reports with sensitive information and strategic operational plans
- The results of voting on specific questions and analyst reports
- Advanced reports with the statistics about all the documents within the board portal
- Investor presentations
- Risk management reports
- Remuneration policies
- External audit results
The majority of internal documentation shared within board management software should be protected in the most reliable way. Luckily, board portals offer safe solutions where documents can be shared without any fears.
It’s crucial to keep the board members informed about the importance of data protection and compliance. It can be challenging, however, it’s worth adding the topic of privacy to the agenda to effectively communicate the organization’s needs to implement a sustainable privacy program. When using an online board meeting platform, it’s important to know the main factors of data protection this software uses:
- Access management. Board portal software provides various access management features so that the admins of the portal can have full control over the file exchange within the platform.
- Different access levels for different people. The most secure board management software offers custom-permission settings. Administrators of the board portal can give users access to view, edit, or delete files. Also, only certain individuals can have access to the documents within the portal depending on their roles and existing board structure.
- Encryption of the data. Data within virtual board software is encrypted using 256-bit SSL/TLS protocol and using RSA 2048-bit keys encryption. Encryption of data ensures that board information remains secure even if it gets to the wrong people. With robust encryption methodologies for the confidentiality of data, documents shared through secure board portals are fully protected by access controls and users’ unique decryption keys.
- ISO certification. The board management software has to stay on top of constantly changing security regulations and laws, as it serves as a matter of good governance. The ISO 27001 certification shows that a cloud-based or SaaS board portal provider meets the global security standard for managing data security. That includes all data assets that are entrusted to the organization like for example board-related information. Users of the ISO 27001 certified board portal can be assured that they are using a trustworthy provider with the needed infrastructure, systems, and policies to ensure data protection.
- Remote locking. This is a restriction of access to files after they have been shared. You can also revoke file access permission across all devices users used to sign into the board portal.
- E-signature. Getting information approved by directors has become much easier with e-signatures. You can send documents for board meetings and get them immediately approved, as directors get an email notification about the request.
- Multi-factor authentication. It protects user data in the virtual boardroom, as besides a strong password this feature requires a texted code. Multi-factor authentication prevents your data from being accessed by an unauthorized third party, which has access to a password.
With these security practices, you can be sure that with your paperless meeting solution you will be able to effectively manage threats and vulnerabilities and prevent costly data breaches.
Security should always stay a top priority when it comes to managing an organization’s confidential information. That’s why it’s essential that the virtual board software you choose for managing board director meetings follows strict security standards.
The boardroom compliance with data protection and privacy regulations will prevent your organization from data breaches and unexpected leaks of critical information. It’s important to pay attention to data security, as there are many data breach risks you may face. However, by using security features and checking data protection practices that the virtual boardroom offers, you can share your information, be sure that it’s protected, and the risks of data leakage are minimized.